General Market Trends Research Articles

The Impact of the Monetary Policy of the US Federal Reserve on the Ratio of the US Dollar To the Japanese Yen in the Foreign Exchange Market during 2015-2023

The information base of the study is the time series of the daily exchange rate of the currency pair USD/JPY, the US 10-year Treasury bond (TB 10), the Japanese government bond 10-year (JGB 10), the volatility index (VIX) of the Chicago Board Options Exchange (CBOE), which calculated by Bloomberg. Study period: December 1, 2015 (the date the Federal Reserve raised interest rates, which initiated a new regime – began easing its ZIRP zero interest rate policy) to December 29, 2023. The relationship between monetary policy and the currency pair USD/JPY is evaluated using 3 approaches: 1) a rally dynamic system based on the standard theory of nonlinear differential equations aimed at eliminating psychological noise (1/f noise, pink noise, trend noise with spectrum capacity); 2) regression of instrumental variables with heteroskedasticity aimed at managing unobservable sources of variability; 3) an event tracking method to measure anomalous asset price response, analyzing the daily price action of USD/JPY to detect market-related fluctuations in the exchange rate and separate the impact of general market trends from related differences in interest rates. The study found that the US Federal Reserve’s (Fed’s) monetary policy only occasionally affects the USD/JPY exchange rate, and it changes mainly when monetary policy deviates from expected future trajectories. Within the studied period, this happened only 3 times: growth on December 16, 2015; emergency rate reduction due to COVID-19 on March 15, 2020; and the first increase of 75 basis points on June 15, 2022 (the article estimates the impact of each of these episodes on the exchange rate). Statements by the Fed on monetary policy affect the price dynamics of the USD/JPY pair in the short term (since short-term psychological expectations play a decisive role in shaping the dynamics of the currency market), but not often (if the statement on monetary policy is consistent with market forecasts, it is practically will not affect exchange rates). The Fed’s adoption of tools such as “forward guidance” and official statements to inform the future course of monetary policy indirectly affects the price dynamics of USD/JPY. The price action of USD/JPY was driven by the fundamentals of the difference in interest rates between the US and Japanese bonds, which are influenced by the monetary policy of the US Federal Reserve and the Bank of Japan (BoJ). In 2023, it could be hard to attempt to challenge FX intervention except to curb “excess volatility and disorderly movements in exchange rates” like the Minister of Finance’s (MoF) 2022 intervention.

Сентимент и стадное поведение частных инвесторов: кластерный анализ российского фондового рынка

In this paper, the sentiment of private investors and the divergence of opinions of users of online investment platforms are analyzed as factors in the emergence of herd behavior on the stock market in different clusters. This clusters are formed on the basis of stock exchange information on shares of Russian issuers. The relevance of the study lies in determining the significance of consensus periods and their impact on the behavior of different groups of investors on the Russian stock market depending on different levels of risk taking by investors. Based on the Russian stock market data for the period from 2019 to 2023, 66 discussed Russian stocks were analyzed. To conduct sentiment analysis, an algorithm was applied to collect and automatically classify textual data using machine learning methods. As proxies for private investor sentiment, metrics of logarithmic sentiment and market-wide divergence of opinions on the stocks under discussion were constructed. The testing of the research hypotheses was based on the implementation of clustering and quantile regression analysis methods. As a result, the significant role of divergence of opinions of Internet users in the formation of herd behavior of private investors on shares with lower average return and risk level was determined. It was also found that asset clustering helps to determine the opposite behavior of investors on stocks with higher volatility level. Consensus of opinions in the market is a signal to deviate from the general market trend. Finally, the test of the hypothesis about the significant influence of investor sentiment did not provide sufficient evidence that this kind of sentiment is important for determining herd behavior in the market.

Research on Trend Investing Strategy and Hedging Strategy

An investment method based on traditional subjective judgments faces huge challenges, while the strategy of quantitative investment is to find the optimal alpha model to judge the best timing of selling and buying and designing the most effective investment portfolio. Therefore, compared with traditional investment methods, quantitative investment breaks through the limitations of subjective judgment with its qualitative and quantitative advantages. The futures market attracts many investors with its low transaction costs and the two-way nature of transactions. However, most of the investment strategies that are frequently used in the market have low stability and do not guarantee correlation with the general market trend. This makes the investments risky, particularly for individual investors. Therefore, this paper will explore both futures investment and risk hedging strategies, aiming to ensure that every buy and sell is the correct choice as much as possible, such that futures investment is relatively stable and has high returns. This article focuses on using the moving average cross strategy through the python programming language to achieve the judgment of buying and selling in the process of futures trading and drawing the net worth curve of the real-time futures market data and perform a correlation analysis to determine which commodity sector is the most suitable using the trend strategy. For risk hedging, the article mainly uses the correlation analysis to study the relation between the prices of different types of futures. Furthermore, the futures and options market price fluctuations are discussed in depth, and also analysed is how to use and balance hedge parameters for risk hedging.

Relationship of Stock Market Indices and Individual stocks: A Descriptive Study

Indices of the stock market and particular stocks are intertwined in India. Stock market indices like the Bombay Stock Exchange Sensex and the NSE (National Stock Exchange) Nifty act as gauges of the state of the market. They provide a glimpse of the larger market by representing a selection of stocks, typically the most well-known and actively traded ones. Changes in stock market indexes frequently reflect the general mood and market trends. In general, rising indices signify that most of the stocks that make up the index are experiencing upward price fluctuations. The same is true when indexes drop; this indicates a market trend in the opposite direction. Contrarily, specific corporations that are listed on the stock exchange are represented by individual stocks. The performance of each of an investor's or trader's individual stock holdings is measured against stock market indices. They determine relative performance by comparing the returns on their equities to the performance of the index. Investors who wish to successfully navigate the Indian stock market must have a solid understanding of the relationship between stock market indices and specific stocks.

Comparative analysis of financial results and share prices of companies listed on the Bucharest Stock Exchange in 2022

The evolution of trading prices of stocks is influenced by a multitude of factors, some of which are specific to each company (such as financial results, dividend distribution rate, various events that influence its evolution, etc.), while others are of a macroeconomic nature (global economic or political events, general market trends, etc.) or emotional. The intensity of the influence of these factors differs from one company to another, as well as from one period to another. A lot of uncertainty in financial markets marked the year 2022. The amplification of the inflationary phenomenon, the energy crisis, as well as the risks generated by the conflict in Ukraine, made investors reluctant in the stock market, taking positions of "wait and see", often avoiding making major decisions. At the same time, numerous companies, especially those in the energy sector, achieved exceptional financial results, far exceeding what they had obtained in previous years. Although, according to financial theory, there is a close relationship between financial results and the evolution of trading prices of stocks, the results of the study carried out for the year 2022, including the companies listed on the main market of the Bucharest Stock Exchange, do not confirm such a relationship. Although net profit increased significantly in 2022 compared to 2021, trading prices did not follow such a trend, being in decline for most of the analyzed companies.

Stock market indices in the market capitalization management of corporate agricultural enterprises

In globalization and production intensification, corporate agricultural enterprises increasingly seek investment resources for their development. Given the lack of sufficient funds from domestic investors and the transnational nature of economic activity, agricultural corporations are entering international capital markets. On the other hand, implementing corporate strategies for market capitalization management also involves optimizing or constantly increasing the market value of the business, which makes issuers of securities dependent on the stock market, financial risks, and psychological moods of investors. Since general trends determine the market conditions on the stock exchange, the financial management of corporate agricultural enterprises should consider the dynamics of share prices of both the leading issuers on the stock exchange and their industry representatives. Therefore, stock exchange indices are generalized indicators of this. The article aims to study stock market indices in the market capitalization management of corporate agricultural enterprises. It has been shown that stock indices are an essential financial market instrument, allowing investors to analyze market dynamics, assess risks, and formulate investment strategies. With the development of technology and the informatization of securities trading, the role of indices is only growing, and they reflect the dynamics of the economy and the latest investment demands. In corporate market capitalization management, stock indices play a crucial role by providing information to financial analysts, underwriters, and top management about general stock market trends and industry investment expectations. We have provided a brief genesis of stock market indices and defined their primary functions and principles of construction. The methodology for calculating stock exchange indices of corporate agricultural enterprises has been proposed. The trends in the development of Ukrainian agro-corporations for 2012-2022 have been identified, and the prominent trends for 2023 have been forecast. It has been defined that in order to prevent the deepening of the crisis in the corporate agrarian sector in 2023, along with state strategies and targeted programs, strategies for managing the market capitalization of corporate agricultural enterprises should be developed and/or refined based on strategic risk management, crisis management, international investment management, and behavioral finance, taking into account stock exchange indices as one of the strategic indicators of development in a globalized turbulent world. Keywords: stock indices, stock market, market capitalization, corporate agricultural enterprises, financial management

ДОСЛІДЖЕННЯ ОСОБЛИВОСТЕЙ АНАЛІТИЧНОЇ РОБОТИ ПІДПРИЄМСТВА ЯК СКЛАДОВОЇ ЙОГО РОЗВИТКУ

The article highlights the direction of the economic sphere on a range of issues related to the problems of analytical work at the enterprise, namely: conducting analytical actions at the enterprise one of the components that form the basis for its development in modern economic conditions. for analytical work is a set of reflected features of objects, systems, phenomena and processes, selected from the largest volume. The information always reflects the degree of change of existing knowledge. The basis of the analysis is to identify the dynamics of structural elements, which allows further forecasting of changes in assets, assets and sources of coverage financial condition of the enterprise, so depending on the author's approach methods provide a different number of stages, methods and tools for their implementation. Accordingly, depending on the method used and the complexity of the approach and provides some complexity of the analysis process. In general, the method of analysis of the financial condition of the enterprise is presented in the form of a figure. thus, in the financial analysis there are various techniques that allow you to assess the current financial condition of the enterprise and give a forecast of its development. Thus, management of a financial condition is carried out on the basis of drawing up of forecast values of future indicators. The effectiveness of the analysis of the financial condition of the enterprise depends on the completeness and quality of the information used. A simplified approach to analysis uses only accounting data. This narrows the scope of such analysis and reduces its effectiveness, because there are unexplored factors that have a significant impact on the objective assessment of financial results and financial condition. These factors may be related to industry affiliation, environmental conditions (general market trends, macroeconomic factors, etc.), as well as other significant factors of influence, such as the strategic direction determined by the founders and management of the company.

An Analysis of How Twitter Impacts Financial Markets

In this paper, I examine how social media affects cryptocurrencies and more traditional stocks. I use data on Twitter posts in combination with daily stock prices to estimate the causal effect of a tweet on stock and coin prices. To do this, I use a difference-indifference regression with index funds as my control group, which allows me to capture general market trends that coins and stocks would follow if not for intervention. I find that tweets have a significant impact on cryptocurrencies that last up to three days after the post. The increase in coin prices is driven by tweets from Tyler Winklevoss and tweets about Tezos and Ethereum specifically. Meanwhile, Twitter posts have no impact on more traditional stocks. These results suggest that social media can provide the public with valuable information in real time for fast moving and volatile crypto assets, while their effects on more stable and institutionalized traditional stocks are more muted.

Consumer Determinants of Purchasing Decisions on the Dairy Products Market

Purpose: The aim of this study was to try to define the basics and various factors that determine the purchasing behavior of consumers on the modern milk and milk products market. Design/Methodology/Approach: The study used the results of the author's empirical research in which 464 respondents were selected for the study in a purposeful manner. The main selection criterion was the respondents' declaration of regular purchase and consumption of dairy products in households. The research tool was a standardized questionnaire, which consisted of closed questions, both single and multiple choice, and it was fully anonymous. The obtained results allowed to draw conclusions and compare them with the general market trends taking place in the analyzed sector as well as with the results of research published by other authors dealing with related issues. Findings: The obtained results show that most of the purchasing decisions of dairy consumers are routine decisions. The main reason for consuming dairy products is the fact that they are suitable for direct consumption without their prior preparation, as well as the fact that the respondents have long become accustomed to the dairy diet in their households. In the hierarchy of factors determining the purchase of dairy products, the most important were sensory and functional impressions and the use-by date, but also various marketing stimuli are an important element. Practical Implications: The article contains information as well as guidelines for producers of dairy products, both for production and marketing. Thanks to the conducted research, the main directions of changes in the interests of buyers following contemporary consumer trends on the global market, which will become increasingly important in the future, have been shown. Originality / Value: The study contains significant findings regarding the variables affecting the direction of future consumption of dairy products on the market.

Households’ credit demand: Main trends and characteristics for Ukraine

Household demand for credits is quite volatile, which requires constant evaluation of it changes. The purpose of the paper is to identify quantitative signals, the use of which increases the predictability of the credit market development. The study utilizes technical analysis methods for an econometric estimation of trends in household demand for credits in Ukraine for the 2002–2019 period. Based on the analysis of historical market lows, it was argued that with all the negative effects of destabilizing factors, the household demand for loans will not fall below the market support point of UAH 50 million. The financial behavior of Ukrainian households when choosing the type of loan is stable and does not change with fluctuations in GDP. Short-term loans are quite dynamic and largely depend on macroeconomic conditions, provoking market movements. If the relevant direction is supported by medium-term loans, the general market trend will correspond to the GDP trend. The demand for long-term loans is quite inertial, its change does not affect the overall market trend. The constant and variable elements of household demand for credit are highlighted.

Роль маркетингу в антикризовому менеджменті за сучасних умов функціонування підприємств

The article is aimed at supplementing the theoretical provisions on the essence and role of marketing in crisis management and the formation of anti-crisis strategies, as well as proving the relevance of increasing the efficiency of the marketing activities of enterprise during the current transformations of the external environment. The essence of crisis management as a controlled process of either preventing or overcoming the crisis, which corresponds to the goals of the organization and to the objective tendencies of its development, is determined and the statements in which it is displayed are allocated. The essence of the marketing approach to management is considered, the importance of comprehensive application of marketing instruments for specific products and the market along with the development of a scenario of their interaction in order to overcome the bankruptcy of enterprise are specified. In the cycle of marketing activity, the authors distinguish the stages that are relevant during the crisis management, namely: assessment of marketing and market opportunities of the enterprise; singling out the target markets; development and implementation of marketing complex and marketing programs. It is noted that crisis management is inherently a strategic management, where the end result is represented by the development of a marketing anti-crisis strategy. The stages of formation and implementation of the anti-crisis marketing strategy at the enterprise are presented. The instruments for the implementation of the anti-crisis marketing strategy are named as follows: adaptation of pricing policy as a factor of product competitiveness and maintaining a market position; developments in the field of selling products policy on the formation of the assortment and improving the quality of goods; balancing the volume and structure of production of the actual issue to the forecast in the market; improvement of production distribution policy; use of marketing communications to stimulate consumers, etc. The main factors that determine the efficiency of marketing during crisis management are allocated, including: professionalism of marketers and the administration ability on the part of managers; conducting scientific research and forecasting of general market trends and consumption of products; quality of anti-crisis marketing strategies and a range of marketing activities; control over the implementation of marketing activities, etc. It is noted that in order to implement marketing plans and strategies in the enterprise, it is necessary to create a system where the coordinated work of all levels of the marketing system would take place. The existing problems of the contemporary marketing management are highlighted.

COVID 19: Effect on leading pharmaceutical stocks listed with NSE

The purpose of this study is to examine how Covid 19 outbreak has affected leading pharmaceutical stocks listed with the National Stock Exchange of India. We have selected ten leading pharmaceutical companies listed with NSE, and the selection was purely based on the market capitalization of the companies. The general hypothecation of this study was the pharmaceutical stocks will move against the general market trend (contrarian effect). The study period was classified in to pre-crisis period and Covid 19 crisis period. The data consists of 123 daily price observations of the selected 10 pharmaceutical companies. The period of study is ranging from 3rd September 2019 to 28th February 2020. The results reported that momentum effect is persisting with pharmaceutical stocks as the pharmaceutical stocks are moving in accordance with the general benchmarking index. Only two companies, namely Aurobindo Pharma Ltd and Lupin Ltd reported with varied return trend during the study period. This study also signifies that companies like Sun Pharma, Cipla, Glenmark with strong brand reputation were seems to be sustaining in the crisis period in spite of the general falling market trend. This paper is strongly urge the need for backward integration and enhanced research and development activities to Indian Pharmaceutical sector for ensuring their sustainable long-run operations.

Vertical Upgrading of Existing Water Treatment Plants by using Air Flotation Technique

Due to the rate increase for potable water need, the general market trend is the vertical expansions for water treatment plants instead of the horizontal ones. By upgrading the existing plants using new technology to reach the maximum capacity and conserve the water quality parameters as the Egyptian Code states. The most benefits of plant upgrading are no new land is needed also, low cost solution, as we could upgrade the WTP as mentioned before without adding major civil works comparing with the construction of new water treatment. This study aims to upgrade the existing water treatment plants using dissolved air floatation system, in order to reach the maximum possible capacity using several possible scenarios without adding major civil works. The study shows that, the scenario which involves DAF technology then sedimentation and filtration has the best removal efficiency because it has three treatment phases. The use of one treatment phase from floatation or sedimentation followed by filtration achieved lower efficiency. At last direct filtration, considering low removal efficiencies due to the high rate of filtration which allowed the suspended solids to escape.For the application upon Al Ameriyah water treatment plant, the first proposal which involves five combined tanks, two tube settler and one filter tank is the most convenient proposal to be achieved. Since it has quiet high value 72 points in the technical evaluation with the least estimated cost 85,769,200 LE. The use of DAF technology combined with sedimentation gives the chance to increase the existing plant capacity from 520000 m3/day to 864815 m3/day with rate of increase equals 66.31% which is a cheap and happy solution.

Establishment of an effective enterprise in the touristic market

In this paper, the authors describe the creation of an effective enterprise in the field of tourism. In order to create an effective tourist agency, it is necessary to understand the mechanism of the tourism market in general and the role of travel agencies and tour operators, in particular. Business in the tourism industry is fairly good because it is possible to open a tourist agency with the least investment and without the experience of such activities. This activity is not licensed in any way, and there is no need for permits for this reason. At the same time, competition in the tourism business is quite high, and the need for servicing travel agencies in the circumstances of the crisis naturally decreases. It is necessary to choose the direction of activity being guided by one's own interests, skills of hired personnel or general market trends. Then you need to choose one of the development models (independent travel agency, travel agency based at home, franchise or online travel agency). You can consider already later the registration aspects, organization of your office, software, the creation of a website, the selection of employees and partners, tour operators, as well as advertising. It is also necessary to choose the direction of activity being guided by one's own interests, skills of hired personnel or general market trends. It is necessary to attract buyers with high-quality service, to cooperate only with reliable tour operators - to form an image that will in future become functional for you.

Scale development for the inter-firm market orientation concept

PurposeThe purpose of this paper is to develop and validate a scale for inter-firm market orientation (IMO) based on an original conceptualization by Elg (2008). Building on the MARKOR scale, the IMO scale is introduced to better understand the market orientation efforts that occur within business relationships.Design/methodology/approachAfter establishing a conceptualization of IMO, an initial list of scale items is developed by adapting the original MARKOR scale. Several phases of qualitative pre-tests have been conducted with both academic experts and several manufacturer and reseller partner executives to assess the applicability and clarity of the measurement instrument. Using a quantitative survey design, the measurement instrument has been validated by relationship partner managers from both manufacturer and reseller companies.FindingsThe results of the analysis reveal that IMO is a second-order formative construct consisting of two first-order reflective constructs termed joint intelligence cooperation and joint customer responsiveness.Practical implicationsThe operationalization of IMO suggests to manufacturers and their partners that the market intelligence cooperation efforts between them should be more focused on intelligence about the end users and less on general market trends. Further, the customer responsiveness efforts between the partners tend to be more reactive in nature, unlike the proactive stance in intra-firm market orientation.Originality/valueThe paper extends the notion of focal firms’ market orientation to IMO, which exists between partners in business relationships, and does so by developing a conceptualization and measurement instrument for IMO. This newly developed construct and scale can be used in future research to explore in greater depth the interplay between IMO and firm performance.

Formation and adaptation of reference prices in grain marketing: an experimental study

This study aimed to explore how producers’ reference prices are formed and adapt over time, and how they affect marketing decisions. Results indicate that producers focus on three major variables to form their reference prices: the current market price, the highest price to date, and their expectation about price behavior. Further, they update their reference prices during the marketing season mainly in response to changes in current market prices, their own expectations about price behavior, and the general price trend. Finally, our findings suggest that producers’ marketing decisions are based on the spread between current market price and reference price, the general market trend and price expectation.

Stock market trend prediction using dynamical Bayesian factor graph

A new qualitative method using the concept of dynamical Bayesian factor graph is developed in this paper for the prediction of stock market trend. The essence of this method is to compute the corresponding dynamical Bayesian factor graph for a selected set of macroeconomic factors over a period of time of interest. The computed time series of graphs capture both the mutual influential relationships and the evaluation of these relationships among these factors over a specified period of time. Then any topological structural change in the adjacent graphs at anytime predicts a change in market trend in a short future. Our computational analysis also indicates that if the topological structure of the underlying dynamical Bayesian factor graph is unchanged, the general market trend appears invariant. We demonstrate the effectiveness of this method by applying it in the analysis of market trends in the US stock market and Chinese stock market with good prediction results.

OIS discounting and collateral management under new regulations

Purpose – The purpose of this paper is to discuss the compliance with the regulatory-driven changes to collateral management and OIS discounting indicating operational and technological challenges faced by global investment banks. As it transpires, collateral management strategies need to be revised to find optimal solutions for the regulatory-driven landscape. Furthermore, set against the regulatory background, this report tests the reliability of OIS discounting and current trends in interbank lending, as well as emergent issues with CSAs. Design/methodology/approach – This paper is based on an exploratory, qualitative approach to investigate the regulatory-driven collateral management landscape. Findings – The new regulatory framework was viewed by the surveyed banks as a factor influencing strategic planning and operations within collateral management. All surveyed banks pointed to the increased regulatory reporting. The interviewed banks highlighted inconsistencies in implementing the new regulatory framework across different countries. With reference to the positive factors influencing collateral management, the responses were mixed and depended on bank-specific opportunities spotted in the new collateral management landscape. According to the surveyed banks, complying with the new regulations has no pronounced impact on the liquidity. The financial scandals undermined the credibility of the LIBOR rate-setting processes and prompted changes to the regulatory framework in the banking sector. Against this backdrop, the interviewed banks considered various alternatives to LIBOR, often beyond the OIS rates. The departure from LIBOR entails operational challenges faced by the participating banks. Surprisingly, the factors that pushed the interviewed banks to OIS discounting were not linked to the regulatory change or reliability of OIS rates but general market trends that emerged in the aftermath of the global financial crisis. Originality/value – The paper contributes to the widespread, albeit complex, discussion on how banks adapt to the rapidly changing environment in collateral management and risk operations.

Combining Stated and Revealed Preferences on Typical Food Products: The Case of Dry‐Cured Ham in Spain

AbstractAn extensive body of research concerns the valuation of EU certification schemes of quality based on the origin of food products. This literature focuses mainly on stated preferences (SPs) and reported behaviours by the consumers. We combine consumers’ SPs, obtained through a conjoint ranking experiment, with revealed preferences (RP), obtained through a retail scanner database. We evaluate SPs as predictors of RP, and investigate whether SPs and RPs are consistent. Dry‐cured ham in Spain is chosen as the anchor product, mainly because of its broad customer base and long history of origin certification. A ‘trick’ nested logit model with non‐identical and identical samples of consumers is estimated to answer each of the objectives. Results show that, irrespective of the analysed samples, SP can predict general market trends and choices but not accurately predict market shares, and that consumers’ actual behaviour is partly consistent with their SPs. We find that consumers prefer ham produced in Teruel, compared with unspecified Spanish origin. Quality Certification and a Distributor’s Brand are preferred over the alternatives of no quality label or identified with a brand owned by the producer. Interestingly, SPs for the Quality Certification and the distributor’s brand lead to an over‐ and under‐estimation, respectively, of the market share.

Shared Conversations Across Design

Introduction Design is an ubiquitous part of human life, from mundane, day-to-day activities to the most sophisticated concerns of society. Yet it is generally studied from specific disciplinary viewpoints, where a field develops strongly focused academic traditions to meet the needs of that field. For example, engineering design research places significant emphasis on prescribing how complex design processes should be carried out;1, 2 architectural research is greatly concerned with the creation of design ideas;3, 4 product designers are concerned with generating and meeting customer needs;5 fashion designers are interested in the cultural context of their products.6 This characterization of different interests in different fields is neither rigid nor exclusive—there is significant overlap between the interests of particular fields. Nevertheless, it draws attention to a fragmented picture of design as a whole. This paper is concerned with the experience of being a designer and doing design, regardless of the discipline in which the designer works. We want to draw a rich picture of what it means to be a designer by comparing design practices across projects and design domains. Previous researchers have more often aimed to establish general criteria by which core concepts in design research and theory-making can be related to designing and designs.7, 8 They have compared design activities in order to define the general principles across all of design. Other work does not always set out explicitly to be generic but does so by implication when careful analysis of design instances leads to general principles of design, as in the general paradigm of the reflective practitioner, which was derived from a detailed study of conceptual design in architecture.9 By contrast, our aim is to consider the patterns of behavior that designers display across a variety of fields. Here we may find that while professional concerns, such as the need to meet customer requirements or general market trends, are often the same, their manifestations can be very different. Thus, we have developed a research method that brings to design research the benefits of phenomenological analysis, emphasizing comparison of personal experience rather than trying to describe truths that are independent of any person. As described in a previous paper,10 we ran a series of